The downgrades come in the wake of the recent collapse of unsecured lender
"While the SARB respects the independent opinion of rating agencies, we do not agree with the rationale given in taking this step, nor do we agree with the assessment it is based on," the SARB's head of group strategy and communications, Hlengani Mathebula, said in a statement.
According to the central bank, Moody's refers to a lower likelihood of sovereign systemic support based on decisions taken recently in relation to
"This concern stands in sharp contrast to the support actually provided by the SARB," Mathebula said.
On 10 August, the
"Notwithstanding this downgrade, Moody's has confirmed the resilience of the South African banking system and in their own view ... notes the broad resilience demonstrated by South African banks in the past, including the management of adverse economic environments, and recognises the solidity of key system financial metrics," Mathebula said.
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